Since the last time the banks were told to put a hold on the foreclosures 500,000 of them accumulated between 11/08 and 3/09. |
30% - 60% of your negative equity home owners reside in the following states: CA, AZ, NV, FL, MI, OH, and GA. There are 7.5 million delinqent mortages in the U.S. out of 55.8 million mortgages. 33 million people may be ready to hand over their keys. 30% from luxury homes 35% from middle tier 35% from the rest Most of the teaser loans (interest only ) or ARMS that were given out in 2006 are now coming due. 15 million have negative equity. 77% of the Negative Equity loans are from the Interest Only Bang. |
10/5/09 If you don't HAVE to sell right now, you shouldn't. I you do have to sell your home, now is the time to drop your prices. 7 million more foreclosures are expected to hit the market very soon. This will be your competition, and most likely you will not be able to compete with these FIRST TIME BUYERS - Extended. Also some treats for second home owneres. Please check out Tax Credit Chart on my site to see if you qualify. |
Credit Reporting law for varios types of deafault have been changed. Some predict that 50% of the people with the highest credit scores will default on their loans. |
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Credit Scoring Most banks now require a 640 or 620 credit score for FHA loans now. Golden Gate Mortgage can help increase your sales by providing FHA to a new segment of buyers that may not meet the banks standards. Most recently we have been able to approve several buyers for a loan with scores below 620. Through the use of captive technology we can approve more buyers for you and help you close more deals. Each situation Is different, but in most cases we can issues a pre-approval with a few days. Banks also in some case require higher than average credit scores in order to be approved for conforming loans, 660 to 700 depending on the banks. We have the options of providing these loans with a 620 score. 97% conforming loans for Primary residence- Conforming loans down to 620 score-Banks require 700 plus-NEW 96.5% FHA loans down to 600 score for Primary residence-NEW 90% loans on second home condo-conforming 80% loans on investment-conforming 97% Home Path-Primary residence-NEW 85% Home Path-Investment property-NEW 100% Rural Housing- streamline processing-close in 21 days-NEW FHA 203-K Rehab loan-NEW – VA loans 100% loan - HUD Repo properties-NEW Premier Jumbo programs- 85% LTV No Mi - Primary residence-NEW Commercial Property –Refinance loans and Purchase-NEW |
HOME SALES UP 39% IN THE MYRTLE BEACH AREA FOR LAST QUARTER |
MYRTLE BEACH REAL ESTATE FORECLOSURE BUS TOUR An advertising campaign will start this week and run for the next 2 months to attract prospective buyers/investors to participate in our upcoming Foreclosure Bus Tour, March 27th at noon. Leaving from Myrtle Beach Real Estate Office. If You want to participate in the bus tour, you simply need to register with me by calling 843-267-9781, and provide me with proof of funds from your personal banker, or please call Donna Millen at 843-282-8697 and she will provide you with a pre qualification letter. You will need one of these anyway to make offers on any property you may find on the tour. Please let Donna know where you came from (Pamela Berkeley), so she knows who to fax a copy to. You can register as soon as you like, but your seat is not reserved until we receive proof of funds or pre qual letter. Seating is limited and is on a first come first serve basis. If you need a place to stay here, rates are really good even on the Ocean this time of year. Please call Frank Ciraulo at 843-267-0629 for available rentals. You can also email Frank at: frankatthebeach@hotmail.com Please tell Frank were you cam from also, so that he knows not to sign you up twice for the bus tour. |
THE SUN NEWS DECEMBER 11TH
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Myrtle Beach area real estate revives
Adva Saldinger
November real estate sales shot up more than 60 percent from last year and marked a three-month trend of increased sales in the Grand Strand market.
In November, single-family home sales were up 65 percent, and condominium sales were up 69 percent, when compared with the same month last year, according to statistics compiled Thursday from the Multiple Listing Service. |
THE SUN NEWS NOV. 11TH 2009 FRONT PAGE
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STRAND HOMES KEEP ON SELLING More buyers with cash is a good sign for the market. October Real Estate sales on the Grand Strand continued the upward swing of the past few months. Record percentage of properties purchased by cash buyers. Single Family Home sales increased by 8% and Condo Sales increased by 31%. This is the 4th month in a row recording increases. One more month of the same and you could call it a trend. 41% of the real estate buyers in Oct. paid in cash, one of the highest percentages EVER. The banks have been so hard to deal with that people are getting lines of equity on their exsisting homes in order to pay cash for condos. More then 40 % of home buyers paid cash for their homes in Oct. The highest percentage ever. |
The top 10 towns for second-home investments EscapeHomes.com identified popular second-home destinations that appreciated at least 10% a year in value between 1998 and 2002 and which may have further to go. The results are based on their own listings for real estate in these communities. Listings aren’t sales, though, and EscapeHomes.com doesn’t reflect the whole market. In fact, real estate professionals in some of these towns (Asheville, N.C., for example) say sales were never that hot, while those in others (Park City, Utah, and Sunriver, Ore.) say appreciation has slowed in recent years. Where possible, Ive included price appreciation figures compiled by the federal Office of Federal Housing Enterprise Oversight, which oversees housing finance companies Fannie Mae and Freddie Mac and which compiles housing sales data for larger metropolitan areas. With all those caveats aside, here are the Top 10 second-home investment markets: - Asheville, N.C. This mountain town boasts the Biltmore Estate and a thriving arts and crafts community. Home prices are up 35% in the past five years, compared with the national median growth of 27.8%.
- Park City, Utah. The Olympics-related frenzy has cooled, but Park City is still a preferred destination for skiers and other winter sports fanatics. Prices this year are up between 5% and 7%, according to real estate broker Mike Sloan, statistician for the areas Board of Realtors.
- Ashland, Ore. Lovely weather, lovelier scenery and cultural cachet combine in Ashland. Located about halfway between Portland and San Francisco, the town is also home to Southern Oregon University and the highly regarded Oregon Shakespeare Festival. Ashland’s home values have exploded in recent years. Home prices in the region that includes Ashland and nearby Medford have risen at least 40% since 1998, according to federal figures, while a local appraiser puts Ashland’s average home price growth closer to 70% in that period.
- Port Townsend, Wash. This picture-perfect Victorian seaport lay nearly untouched for most of its long history until being discovered by Seattle yuppies in the 1990s. It’s still quaint, but relatively mild weather and proximity to Olympic Peninsula attractions have increased its appeal for retirees and urban refugees.
- Beaufort, S.C. You know Beaufort, even if you’ve never been there. You’ve seen it in movies like The Big Chill and Forrest Gump, and you’ve read about it in the pages of The Prince of Tides and The Great Santini by one-time Beaufort resident Pat Conroy. Fishing, shrimping and a National Historic Landmark District are features of The Queen of the Carolina Sea Islands.
- South Lake Tahoe, Calif. Though it shared Americas largest alpine lake with the more glamorous Lake Tahoe, Nev., this community was long the dowdy little sister. No more. Two new Marriott’s have replaced a strip of decaying old motels along the main drag, and there’s talk of a convention center. Median home prices are up 21% from last year, said Madeleine Gutierrez, vice president of the South Lake Tahoe Association of Realtors.
- Daytona Beach, Fla. Nineteenth-century industrial barons popularized Daytona, which is probably best known for the international raceway built in 1959 and the Daytona 500 auto race. Eight million visitors pour through annually. Home prices are up 44% in the past five years and nearly 9% in the last year alone.
- Sunriver, Ore. This central Oregon resort area is near Bend and the Mt. Bachelor ski resort, about four hours from Portland and two hours east of Eugene. Whitewater rafting, hiking and skiing are favorite pastimes. Prices on some properties are about double what they were eight years ago, realtors say, but appreciation has slowed down in recent years along with the economy.
- Myrtle Beach, S.C. The beaches along The Grand Strand — and the areas 120 golf courses — draw 14 million visitors annually. Despite the crush, Myrtle Beach consistently winds up in various listings of the nation’s best beaches and best retirement towns, with home prices rising at an 8% annual clip.
- Charlevoix, Mich. This little town lies between the shores of Lake Michigan and Lake Charlevoix in northern Michigan. The population of the town and surrounding area is 8,500 full-time residents — which climbs to 30,000 in the summer. Golf courses and water fun are the main attractions.
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See How Myrtle Beach Ranks In The Housing Market
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Business
Wednesday, Feb. 25, 2009
Myrtle Beach stands above most in downturn
Jessica Foster - jfoster@thesunnews.com
People who think the Myrtle Beach housing market is bad should take a look at San Francisco or Miami.
The Myrtle Beach market, despite declines in home prices and sales in 2008, has ranked among Builder magazine's top 15 Healthiest Housing Markets for 2009, while areas of California and Florida frequented the list of the weakest markets.
Myrtle Beach was in the No. 15 spot in large part because of its population growth, the magazine said. Many retirees are lured by the prospect of living near the ocean and the vast golf course options, it said.
"Though permit activity dropped sharply last year, Myrtle Beach remains one of the hottest markets in the country, especially when you analyze the number of permits pulled per resident," according to the magazine.
The magazine teamed with Hanley Wood Market Intelligence to come up with the lists by looking at building permits, home prices, job creation and population trends.
"It's all relative," Boyce Thompson, the magazine's editorial director, wrote Tuesday in an e-mail. "We publish our list of the weakest markets today, and it's a bloodbath. Myrtle Beach stands out in comparison. Population growth has been strong there compared to the rest of the country. When you have people moving in, they need a place to [live]."
The top market of the 75 that were analyzed was Houston, and the weakest was Detroit.
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Ok so we tried the loan modification route. There were 500,000 trial modifications. 1800 actual loan modifications came from this trial. Those were the people able to pay there loan modification payments on time. So assuming we will see a blast of foreclosures from failed loan modifications soon. |
WHERE IS THE BOTTOM THE WAY TO TELL ITS THE BOTTOM IS WHEN PRICES ARE GOING BACK UP NOW THATS A LITTLE LATE TO KNOW. PRICES AND INTEREST RATES ARE LOW RIGHT NOW PERFECT STORM Experts now predicting the bottom to be June 2010. Banks letting go of shadow inventory until November 15th, when there will be another freeze on foreclosure releases from the banks until Jan. 15th. So as to not foreclose homes during Christmas Holidays (Obama) We are only aware of 14% of whats piled up, there is 86% coming at us that we have not seen yet. Going to be a flood of them going on the market between now and Nov. 15th. Get your Pre approval letters, or proof of fund to me, so you can take advantage of these opportunities this year. They are just letters, they do not contain any financial information. |
Some believe we are looking at a 5% increase in home values to take place starting in June of 2010 slowly increasing over 4-5 years. |
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